Xero reports useful for tax planning
The key reports to use for tax planning, and how to share reports - explained
Several Xero reports are directly useful for tax planning and financial decision-making throughout the year.
Key reports for tax planning
- Profit and Loss: shows year-to-date profits. Run monthly to see how close you are to key Corporation Tax thresholds
- Balance Sheet: shows retained earnings (the maximum available for dividends) at any point
- Account Transactions: shows all transactions in a specific account. Useful for reviewing expenses or checking a specific cost type
- Budget Variance: if you have set a budget in Xero, this shows actual versus budgeted performance
Sharing reports
Xero reports can be exported as Excel or PDF from any report screen. You can also share a live Xero report link with us or with a trusted advisor for real-time review.
💡 Good to know: The most useful monthly habit is running a Profit and Loss for the year to date and comparing it to the same period last year. This shows whether the business is growing and flags any unusual cost movements that may need investigation.
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